NVDA muscles RTX Spark into the PC market; Tencent speeds WeChat AI assistant rollout | Daily News Recap

0601 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. China’s NEV market released May delivery data, with Leapmotor, Nio, and ZEEKR posting sharp monthly gains and broader production-sales sentiment improving. Li Auto and XPeng saw YoY declines in volume, while BYD remained stable. The sector is shifting from broad-based gains to structural divergence, accelerating the exit of weaker capacity and forcing OEMs to optimize product mix and channel strategy.

🐬 Single Names

1. $Tencent Holdings.HK

Tencent is rolling out an internal project, with an embedded AI assistant in WeChat nearing launch. Built on WeChat’s massive user ecosystem and linked to mini programs and payments, it enables one-stop intelligent actions such as life services and information search, with gray-box testing to follow. Leveraging WeChat’s scale to land a C-end AI product, Tencent fills a key gap in terminal agents and builds a differentiated AI entry via social traffic, with shares up over 10% today. The product could open new monetization paths and reshape China’s consumer AI model landscape. However, due to uncertainty in compliance timelines, the public launch date is not yet set.

2. $NVIDIA(NVDA.US)

At an industry summit, Jensen Huang unveiled Nvidia’s first PC-class flagship chip, RTX Spark, and disclosed the next-gen series is in development. The brand also plans smaller-form chips, formally doubling down on desktop compute. Extending from server compute into PC hardware, Nvidia aims to disrupt the legacy desktop processor landscape and use its AI advantage to accelerate AI PC adoption.

3. $Alibaba Group.HK

Damo Academy launched the Qwen3.7-Plus LLM, enhancing long-text handling, multimodal capabilities, and agent development, with a clear step-up in performance. The model is fully integrated into the Alibaba Cloud product suite and open for Gov. and SMEs to deploy. By leveraging cloud-service scenarios, commercialization should accelerate, boosting the market rollout of domestic LLMs.

4. $Arm(ARM.US)

Arm’s CEO said demand from the AI boom has exceeded expectations, positioning Arm to reach its $15 bn sales target for self-developed chips earlier than planned. High AI sentiment is shifting Arm’s business from traditional IP licensing to self-developed chip production and sales, opening a second growth curve. These products could challenge the x86 architecture’s dominance and lift sentiment across chip design and foundry supply chains.

5. Dolphin Research earnings & calls

Meituan: 'Meituan: AI Cools the Battlefield—Finally a Breather?'. 'Meituan (Trans): 2Q UE Will Keep Improving, May Turn Positive'.

🐬 Top Gainers

A-shares: security & alarm services. precious metals & minerals. industrial gases.

HK: internet content & information. copper. road freight.

US: cloud & data centers. healthcare information services. IT consulting.

🐬 Watch Tomorrow

1. Jun 2–3. Microsoft Build developer conference will be held.

2. US May ADP employment (10k persons), final S&P Global Services PMI for May. US Apr factory orders MoM, US May ISM Non-Manufacturing PMI.

Risk disclosure & statement: Dolphin Research Disclaimer & General Disclosure